U.S. economy: Saved by the consumer?
The Globe And Mail
Maybe Ben Bernanke knows what he's talking about after all. Just a few days ago, the Fed boss was telling the world (via his much-anticipated speech at the annual economicpolicypalooza in Jackson Hole, Wyo.) that he wasn't convinced the U.S. economy was really in as dire straits as many people feared. Now we have some strong evidence to back up his assertion - and from the long-suffering U.S. consumer, no less.
http://jlne.ws/q7qiTU
Core Prices Edge Up in July :: Brent Meyer :: Economic Trends :: 08.29.11 :: Federal Reserve Bank of Cleveland
Brent Meyer, Federal Reserve Bank of Cleveland
The headline CPI jumped up at an annualized rate of 6.2 percent in July, surprising forecasters’ expectations to the upside. Over the past 12 months the CPI is up 3.6 percent, somewhat above its longer-term (5-year) annualized growth rate of 2.1 percent. Increases in food at home (up 7.2 percent) and a rebound in motor fuel prices (up 72 percent after falling 56 percent in June) accounted for a little over half of the overall gain.
http://jlne.ws/qqmOh8
European officials round on Lagarde
http://jlne.ws/ovT6gr
Alan Krueger's New White House Job
By CATHERINE RAMPELL, The New York Times
Alan B. Krueger, an economist at Princeton, has been chosen to be the next chairman of the president’s Council of Economic Advisers.
http://jlne.ws/reMPrT
Vietnam Central Bank Lifts Dollar Reserve Ratios 100bps
Central Bank News
The State Bank of Vietnam raised the required reserve ratios on foreign currency for credit institutions by 100 basis points. The ratio on non-term foreign currency deposits and deposits of less than 12 months will be 8% (7% previously) for most State-owned commercial banks, joint stock banks, 100 percent foreign owned banks, joint venture banks, and foreign bank branches. The ratio will be 7% (6% previously) for the Bank for Agricultural and Rural Development, the Central People's Credit Fund, and cooperative banks. The ratio on deposits longer than 12 months will be 6% (5%) and 5% (4%) respectively for those two groups.
http://jlne.ws/nR5DaD
ECB to reassess inflation risks
By Ralph Atkins, FT.com
http://jlne.ws/qwMiw6
Low rates good — and bad — for consumers
By Jennifer Waters, MarketWatch
Borrowers breathed a collective sigh of relief when the Federal Reserve said earlier this month that it would hold interest rates at rock bottom for the next two years. But savers were far from happy.
http://jlne.ws/q5K0ZT
Lagarde Snubbed in Push to Raise Bank Capital
By Rainer Buergin and Emma Ross-Thomas, Bloomberg
Germany, Spain and the European Union rebuffed International Monetary Fund Managing Director Christine Lagarde’s call for an “urgent,” potentially mandatory, recapitalization of Europe’s banks.
http://jlne.ws/n0JrQw
German Inflation Eases
By WILLIAM LAUNDER And MARGIT FEHER, WSJ.com
Preliminary consumer-price inflation slowed slightly in Germany in August on a monthly basis, meeting economists' expectations as food and energy prices retreated in six German states.
http://jlne.ws/nfljDm
Jean-Claude Trichet: Achieving maximum long-term growth
Trichet, President of the European Central Bank, at the Federal Reserve Bank of Kansas City Economic Symposium, Panel: Setting priorities for long-term
growth, Jackson Hole, 27 August 2011
http://jlne.ws/nuqr1e
Irene Losses Appear Less Than Worst-Case for Insurers
Forbes
Hurricane Irene blazed a trail from North Caroline to New England over the weekend. While she caused plenty of damage from her punishing winds, heavy rains and resulting flooding, the ultimate course and strength of the hurricane was far from the worst-case scenario.
http://jlne.ws/pcbnqY
Japan’s economic prospects: Out of the ruins
The Economist
FIVE months after a tsunami and nuclear meltdown assailed Japan, the economy has been pummelled by fresh blows. Share prices have followed global stockmarkets down, with the Nikkei 225 index revisiting its nadir in the days after the earthquake in March. As if the fears about a global slowdown that have depressed equity investors were not enough, the yen has been soaring, which will hurt Japanese exporters. Adding to the pain, Moody’s, a credit-rating agency, downgraded Japan’s debt rating one notch to Aa3 on August 24th because of its huge public debt and chaotic politics.
http://jlne.ws/nBCWGF
B. of A. to raise $8.3 bln from sale of CCB stake
By Sue Chang, MarketWatch
Bank of America Corp. /quotes/zigman/190927/quotes/nls/bac BAC -0.12% said Monday that it will sell 13.1 billion shares of China Construction Bank Corp. in a private deal to raise about $8.3 billion in cash. Bank of America is still expected to retain a 5% stake in the Chinese bank after the transaction. "This sale of approximately half of our shares of CCB stock is expected to generate about $3.5 billion in additional Tier 1 common capital and reduce our risk-weighted assets by $7.3 billion under Basel I," said Chief Financial Officer Bruce Thompson in a statement. The deal is likely to close in the third quarter
http://jlne.ws/nHRfZK
US consumer spending rises in July
BBC News
US consumer spending rebounded last month, driven by a rise in car sales, official figures have shown. Sales increased by 0.8% in July compared with June, the biggest rise in five months, the Commerce Department said. In June, sales had fallen 0.1%.
http://jlne.ws/n8Yr1T
Texas Manufacturing Outlook Survey, August 2011 - Economic Data - FRB Dallas
Texas factory activity was largely unchanged in August, according to business executives responding to the Texas Manufacturing Outlook Survey. The production index, a key measure of state manufacturing conditions, remained positive but fell from 10.8 to 1.1, suggesting growth stalled this month. Most other measures of current manufacturing conditions indicated slower growth in August. The new orders index fell from 16 to 4.8 this month, suggesting order volumes continued to increase, but at a decelerated pace. The shipments index was positive and little changed, edging down from 7.8 to 6.7. The capacity utilization index dipped into negative territory in August, with one-quarter of manufacturers noting a decrease.
http://jlne.ws/n3Uaeo
Banks Decry Surcharges as Basel Plans Capital 'Punishment' for Size, Risk
By Cheyenne Hopkins and Craig Torres - Bloomberg
Global banks are launching a counterattack against new capital guidelines, warning that they could reduce lending and harm growth as well as alter competition in the financial system.
http://jlne.ws/oQsRWs
Lagarde’s ugly truth on debt
Financial Times
Jackson Hole may be a central bankers’ conference, but the most important thing to come out of this year’s gathering had nothing to do with central banking policy. Christine Lagarde has said publicly what most policymakers have avoided addressing since the crisis began. Using her new bully pulpit at the International Monetary Fund she has conceded that the common problem facing the developed world is an excessive overhang of claims on debt that financed worthless investments. These claims will have to be liquidated, and the quicker the better.
http://jlne.ws/pFslQV
European officials round on Lagarde
By FT Reporters
European officials rounded on Christine Lagarde on Sunday, accusing the managing director of the International Monetary Fund of making a “confused” and “misguided” attack on the health of Europe’s banks.
http://jlne.ws/p14Sqi
IMF's Lagarde Warns World Economy Entering 'Dangerous' Phase
BusinessWeek
Christine Lagarde, the new managing director of the International Monetary Fund chief, warned that the world economy is in a "dangerous new phase" and that officials must take new steps to strengthen growth.
http://jlne.ws/nHzIDb
Bernanke Must Act Calmly on Policy, Economist Says.
Bloomberg
Stephen King, chief economist at HSBC Holdings Plc, talks about Federal Reserve Chairman Ben S. Bernanke's speech at the Kansas City Fed's annual symposium in Jackson Hole, Wyoming. King also discusses the sovereign debt crisis in Europe and funding for Greece.
http://jlne.ws/pEqccQ
Doubts over German role in Greek debt deal
By James Wilson in Frankfurt - Financial Times
German “bad bank” agencies holding billions of euros of Greek debt have still to decide whether to join a bond swap designed to cut Athens’ refinancing burden as part of an EU bail-out.
http://jlne.ws/nEZ4eU
ISDA Determinations Committee: Irish Life & Permanent Plc Second Restructuring Credit Event
Press Release
The International Swaps and Derivatives Association, Inc. (ISDA) today announced that its EMEA Credit Derivatives Determinations Committee resolved that a Restructuring Credit Event occurred in respect of Irish Life & Permanent plc.
http://jlne.ws/r5wTJi
UBS' $20 million "loan" for staying in Stamford comes after city fined bank $2 million
Stamford Advocate
Gov. Dannel P. Malloy is giving UBS $20 million to stay in Stamford, but it was not long ago the city, under then-Mayor Malloy, was quietly reaping financial penalties from the Swiss banking giant for failing to construct more offices.
http://jlne.ws/owLwuG
UBS And Credit Suisse To Take Lumps from Swiss-British Tax Agreement
Forbes
The U.K. added itself to the growing list of governments seeking to cinch the noose on tax evaders hiding behind the secrecy imparted by Swiss banks, including UBS and Credit Suisse.
http://jlne.ws/n8mO2n
Tidak ada komentar:
Posting Komentar